Pros and Cons of Credit Card Processing

Just like any other type of business, there are pros and cons of accepting credit cards. There are some cons to accepting credit cards but the pros definitely outweigh the cons.

Pros of Accepting Credit Cards

Increased sales: It is shown that credit card sales are much higher than cash or credit card orders.

Speedier checkout: It takes just a few seconds to swipe a credit card. This gets customers through the checkout line fast and efficiently.

Better security: Cash transactions have a higher risk of problems. One risk is that you will have drawer full of large amounts of cash. The other risk is that employees may give out the wrong change.

Better choices: The more options that you give your customers as far as forms of payments, the better chance you will have of getting the sale.

Cons of Accepting Credit Cards

Cost: Running a business will have costs associated with it and accepting credit cards is one of those costs.

Fraud: Fraud is usually only an issue with online merchants.

Chargebacks: If you accept credit cards as payment, you will have to follow the rules of Visa and MasterCard. When a charge is disputed by a customer, many times the merchant is the one on the losing end of that deal.

As you can see, the cons of accepting credit cards are all part of running a business. The pros are definitely much better than the cons in this case.